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and deficit. >> we'll sit down with leaders of the congressional budget the committee, senator rob portman and congressman chris van hollen. plus arizona governor jan brewer vetoes a bill that would protect religious freedom over gay rights. but other states may take up similar measures. our sunday panel weighs in. and our power players of the week. they are making the please don't touch signs at museums a past. all right now on fox "fox news sunda sunday". hello again from fox news in washington. we begin with a fast moving developments in ukraine. president obama spoke with russian president putin and said the u.s. will suspend planning for the g-8 summit in sochi this summer. putin got approval from the russian parliament to send troops into ukraine. and the russians have seized control of the crimean peninsula without firing a shot. ukraine's government says we are on the brink of disaster. and is asking the u.s. and europe for help. let's get the latest now from fox news national security correspondent jennifer griffin. >> chris, military historians say this could be the most dangerou
for his domestic initiative while also strengthening the deficit. >> host: dan, republican caller. >> caller: i was just listening earlier to a caller talking about the epa, and they talked about bill companies getting all these breaks. based on what i've read and found out on the internet is a pay $60 million a day in places, in taxes. and how you going to pay that if you shut down the oil companies and the guy that's supplying the energy for the united states? >> host: where did you read they pay for leasing of the land and taxes? >> caller: that's just on the internet. >> host: zachary goldfarb, the oil companies and gas company to pay taxes and they do have to pay the federal government to lease these lands. >> guest: that's right. the reason the government thinks is there is its multiple. first, the government belief these are public lands in many cases and some some of the benefits of that oil and gas should spread the people in those committees and around the country and not just into the pockets of the company. secondly, there is enforcement, environmental regulations in t
of the conditions applied. difficult steps need to be undertaken to raise as gas prices and trim budget deficits, but ukraine should be given a long enough pleased so these reforms don't strangle a nation. today dealing with threats to its very existence. second, crimea. russia has invaded ukraine. make the mistake. they have done so in violation of the united nations charter and the very accord that they signed in 1994 guaranteeing crimea's territorial security. no doubt vladimir putin will soar him as his ally in ukraine president's office in no doubt he didn't like the fact united states voiced his strong support for the right of a sovereign ukraine to make independent decisions about its future partnerships. and no doubt, he is infuriated that the ukrainian people are now on their way to getting their way. this is not a schoolyard. you don't get to push around weaker or just because you don't like them. this is a 21st century. the reason we belong to organizations like the united nations, the reason we negotiate treaties like the budapest memorandum is because we now understand after centuri
even further into record territory. >>> the treasury department says the country's budget deficit dropped to its lowest level in six years, during 2013. the federal deficit was $680 billion in the last fiscal year. that's down from about $1.1 trillion the previous year. cnn global economic analyst, managing editor of "time" magazine. so it's a dramatic -- about 15% drop in the deficit, which is still high, but a lot less than it used to be. what happened? >> well, in short, the country's growing again. we have been in a recovery for the last year. hasn't felt like one to a lot of people, but growing your way out of a deficit is always the best way to do it. that happened during the boom period of the clinton years, what a lot of people have been hoping would happen once we got past the fiscal headwinds in washington, that we get back on a growth path. what's interesting, though, there is actually a cbo study out looking at the longer term impact on budget deficits. and we have to keep growing faster in order to keep it down. we go back to a 2% economy, those numbers will tick righ
issue right now, deficit, debt, from the ministrations point of view, it is not something are focusing on right now. >> take you for setting the scene. -- thank you for setting the scene. york, our guest host, we have the chart of earlier. it is a massive victory lap. can we get back to a surplus? can we get back to that surplus? >> that is certainly not on the near-term horizon. what is important to note, three years ago the deficit was 10% of tdp and this year, 3%. it wasn't pretty. it didn't look like the civics textbooks, but we have a lot of deficit reduction. we had the ryan murphy agreement. it basically takes fiscal policy off the table for the next two years. barring a dramatic or election outcome in november, the administration will be status quo for 2017. >> are you willing to say austerity in the u.s. worked while austerity in europe did not work question mark -- work? able to register economic growth. it has been sluggish. europe has not been able to pull it off and a big impact of the fed he been the economy supported. >> the former fed governor, wonderful textbook, i don
when our deficit's been cut in half, it allows us to meet our obligations to future generations without leaving them a mountain of debt. >> woodruff: the 2015 deficit would decline, to $560 billion, but republicans today said the red ink, spending hikes and tax increases mean the plan is dead on arrival. senate minority leader mitch mcconnell. >> rather than put together a constructive blueprint the two parties could use as a jumping off point, to get our economy moving and our fiscal house in order, the president has once again opted for the political stunt for a budget that's more about firing up the base in an election year than about solving the nation's biggest and most persistent long-term challenges >> woodruff: congressman paul ryan, the house budget chair, likewise called the obama plan a disappointment. in a statement, he said: >> woodruff: ryan offered an extensive critique yesterday of federal anti-poverty efforts. he's expected to release a republican budget proposal in the coming weeks. >> woodruff: some of the more notable pieces of the president's proposal, and expected
. at a time when our deficit has been cut in half, it enables us to meet our obligations to future generations without a mountain of debt. this adheres to the spending principles members of both houses and both parties agreed to. it also builds on that progress with what we are calling an opportunity, growth, and security initiative, that invests in our economic priorities in a smart way that is fully paid for by making smart spending cuts and closing tax loopholes that right now only benefit the well-off and well-connected. i will give you an example. right now our tax system provides benefits to wealthy individuals who save, even after they have amassed multimillion dollar retirement accounts. by closing that loophole, we can help create jobs and grow the economy, and expand opportunity without adding a dime to the deficit. we know the country that wins the race for new technology will win the race for new jobs, so this budget creates 45 high-tech manufacturing hubs where businesses and universities will partner to turn groundbreaking research into new industries and new jobs made in america
he is recommending for each show agency and the deficit projections for 10 years. they say it will be low work, but how to make at work. obama will not be including the chain cpi proposal. inflation is measured that would have the effect of lowering social security benefits and other federal benefits. the aarp andsed by liberals in congress. arguing itthat out, was a all a branch for republicans. not willing to do a big deal on the deficit in order to get things under control. by taking that out, they will lose 230 billion or so in deficit reduction. already we know one of the ways will be assuming the senate passes and immigration overall. go much does that cost you these are the kinds of things we will be looking for. perhaps the least effective budgets we have seen in years because congress are it has a toplines appropriations number for this year. they are are ready holding hearings. this is entitlement overhaul out of the midterm. how is the budget actually released today, and to are the surrogates that the white house is sending to capitol hill over the next coming da
of people felt was ungovernable, chiefly because of the budget deficit and now there's a surplus. is there a national leadership lesson that california provide? >> you've got to be tough on spending. at the end of the day, fiscal discipline is the fundamental predicate of a free society. and you just have to maintain that. secondly, you do have to find a way to create a governing consensus or coalition. in california, we do have a majority democratic party. and we don't have the any constitutional blocking points like the 60-vote requirement in the senate or the division of parties in the house between the house and the senate. >> it is interesting, is there a lesson for president obama no matter how liberal you are, you said, here the president's about to present a budget where he's saying look, the deficits are coming down for now. we've got to spend more. we're only going to get the economy going in a meaningful way if we spend more on infrastructure and the loo i can. >> yeah, spend more but in the framework of adjusting your long-term liabilities so we're in balance. so that
not a wit of care to the working and unemployed. they talk about obsessions with deficits and debt. and then they refuse to raise revenue in any form or fashion. >> advertisement reform with the chained cpi last year. they don't back him when he is trying to do what they say they want to do. >> they predicate their position on ignorance. and nobody actually calling them out. i mean, the sound that you played at the beginning of this segment, that's the -- that's all you need to know about the republican party. on the one hand, on the other hand. and in the meantime, if you ever ask them for a meaningful piece of policy, of governable policy, they have nothing. >> you know the guy's running around a big arena, trying to get to the farthest right. well, they always want to be the hardest rail to the right. take a look at lindsey graham here, who seems oftentimes a reasonable guy, but he is so scared of looking reasonable because it will get him killed in south carolina. on twitter he wrote today, isn't it original? it started with benghazi. when you kill americans and nobody pays a p
a real deficit. he let putin bring him down the garden path on syria, a country that was supposed to have given up all its kemic am weapons by february but has only given up 11% of them. what accountability have we heard demanded by the president. whether it's ukraine, china, syria, where wherever we see him, he just doesn't have what it takes to be taken seriously by foreign leaders. >> is he credible? what do you think? >> i think he's more than credible. for example, if you go back and look at 208 when russia went into georgia, we did nothing. that was at the height of our involvement in iraq and afghanistan. he's got the international community to put sanctions. these aren't going to be the treasury. these have to be international sanctions. nobody, even the harshest critic, wants to put boots on the ground. >> let me give you an example of why i think the credibility thing is a little bit tricky. look at what the president said at one point today. it's remarkable. >> one thing right away is to work with the administration to help buy assistance to the ukrainians to the people and tha
the deficit sharply. that will end the corrupt subsidies to the coal and gas sector. >> where does this leave the eu? this is a country that if it were to become part of the eu would be bringing on a whole a lot of problems. it is effectively another grease type situation in terms of being in debt. eu'soes that leave the feeling toward ukraine knowing if they were to welcome them in, they would be taking on most -- a host of economic problems. ? one of the wings to bear in mind -- one of the things to bear in mind is that the ukraine is split between the east and west. many people in the west are pro-europe and those in the east are more pro-russia. i think we will have to wait to see what happens with the new government and whether they can forge a national unity before we can start talking about what this will mean for europe. >> thank you very much for joining us and we will continue checking in throughout the day. x and the senior fellow at the peterson institute in washington, d.c. you are looking at a live shot of the deposed ukrainian vichdent victor yanuoklo holding a press conference
house can work together to improve the bottom loin when it comes to deficits and spending and taxes and cutting? well, i've read that senator patti murray said the senate will not produce a budget in response to the president's proposal. .i've read that the president's budget is going to largely ignore some of the common ground to fix entitlement programs and the like and be more of a gain document that he and his fellow democrats can run on in november. that's a terrible disservice. this country continues to spend a lot more money than we're bringing in the door. debt continues to rack up. medicare and social security continue to be on an unsustainable path. and the president, the person who is supposed to be in charge of the executive branch of government continues to campaign. but he's not going to be on the battle again. so to say it's a disappointment is a profound understatement. >> all right. senator john cornyn, sir, thank you for your time today. >> thanks, shannon. >>> the situation in ukraine developing minutes by minutes. russian soldiers we're told are now surrounding a
in somebody's life, it shows up there. >> yes, what we can see is there is a deficit in theiar in the ae middle frontal cortex of kids who have ptsd. >> brown: in the developing brain of a child, ptsd can discourage learning. >> so the issue we have with chronic stress, it manifests as a ptsd syndrome or disorder is that some of the areas that are affected are areas that we need for our learning. for example, brain centers that process memory, brain centers that process executive function are particularly vulnerable. so ptsd can have an effect in how children learn brown. >> brown: according to carrion, up to 30% of children who live in low-income, high poverty neighborhoods will show symptoms of p.t.s.d. for every child in our school who acts out, i can look to something in their life that's not working. every single time there's a concrete and sad story about why this child doesn't get what they need. >> bring your arms up, put your left leg around your knee. >> brown: by teaching children to pay close attention to breathing and movements, the medical student hopes they're better prepa
. >> the other thing is how weak the ukrainian government is, they have been running deficits, they have almost no money in their treasury. so what do you need to be strong? you need a good economy, right? >> we solved it all. >> next, mitt romney and sarah palin warned years ago about what is happening in russia today. they were mocked by president obama and others on the whole left. we have the tape. >>> and later, stars, selfies, and slices at the academy awards last night. stay tuned for our thoughts on the big show on this big show. >>> so, sarah palin could see russia from her house, or rather putin's threats. she warned us in 2008 if barack obama wins, his indecision and moral equivalence may spur putin to invade ukraine. she was mocked for it because as you know, she talks funny and stuff. who could forget the debate that obama had a lame joke that poked fun at mitt for calling him a foe. >> russia is a geopolitical foe. excuse me, it's a geopolitical foe, and i said in the same paragraph, i said, and iran is the greatest national security threat we face. russia does continue to battle
spending and not deficit reduction. the top republican on the senate budget committee says he wants to know when the president is going to get serious. >> this budget will not work. it's bad for america. it does not get us off the debt course we're on. it has total flimflam in it. in that it projects that we're going to raise taxes another $1.75 trillion. >> house budget chairman paul ryan said the president's budget is not a serious document. it is a campaign brochure. and aides say the soon to be le balance. >> mike emanuel live on the hill, thank you. >>> still ahead, what is the ukraine crisis doing to the u.s. space program. >>> first, the primary season kicks off in texas. it's eb. want to give your family the very best in taste, freshness, and nutrition? it's eb. want to give them more vitamins, omega 3s, and less saturated fat? it's eb. eggland's best eggs. eb's. the only eggs that make better taste and better nutrition... easy. eggland's best eggs. better taste. better nutrition. better eggs. it's eb. better eggs. your hepatitis c.forget it's slow moving, you tell yourself. i have
and wages for all americans. at a time when our deficit has been cut in half it allows us to meet op gagbligations of future generations without leaving them a mountain of debt. >> the budget will impact the bottom line for most americans for better and also for worse. the earned income tax credit expands eligibility to ages 20-24 and older workers ages 55 to 66. it is to offset payroll and intomorr income taxes but it will close the loophole that is allow higher income workers to avoid similar. my irs it allows them to save retirement. they back savings up to 15,000 and rolls it into a traditional irs. college care tax breaks which would give 1.71 families an average tax cut. this budget like the previous two are certain to take an uphill battle in congress. tough battle ahead for this one. >>> the time is 10 minutes to the top of the hour almost. an experienced pilot gets a rude awakening from one of the passengers. wait until you hear what his note says. >> a baby brought to tears through a sight on tv. >> who this little one can't stand to look at. >> did you recognize it? >> wai
the biggest deficit of our lives since the cold war ended. >> pressure is on the mid-west to do something. >> this will get worse before it gets better. >> you got to believe it's over. >> we have to be in this for the long haul. >> it's now unclear just what the west can do about it. >> john kerry arrived in ukraine tomorrow. >> putin is not going to back off this w
and deficit and entitlement reform and all of those things. this president likes his government super sized. this budget will never balance. and i think the president wants taxpayers to pay more so that washington can spend more >> what i read is he is asking for million in new spending. does that go anywhere? >> i don't think it does. last time he had a budget, not even any of the democrats voted for it. his policies make it harder to get back to work. >> $17.4 trillion is the debt clock. that is ridiculous. in three years from now, you will be $19 trillion? how is that acceptable to anybody? trying balance a book in washington, d.c. >> what we will see is the fastest growing part of the budget is interest on the debt. the president added $6.9 trillion in the debt. this continues to be a driving issue for the country. you know, we are not going to be able to sustain the safety net with this debt and interest. >> i think the viewers get it, too. what other republican options do we have? >> the options are to say let's deal with the issues we know get people back to work. we have a health ca
a dime to the deficit. >> the president also wants to expand the earned income tax credit for the working poor without children. his budget would also expand the child and dependent care tax credit and create automatic iras to help workers save for retirement but it's unlikely those plans will get through congress. he needs legislation to enact all of that and that does not look likely. >>> global markets are rebounding today as investors digest the situation in ukraine. even the dow jones flew out of the gate this morning. alison kosik is over at the new york stock exchange. how much have we bounced back today? >> quite a bit. what a difference a day makes. even the s&p 500 at a record high. the dow up 200 points, 205 points. all 30 stocks in the dow are in the green. very different story yesterday. it was a sea of red. we also saw that turn-around happening overseas, all the way -- there were those down arrows we saw yesterday in europe, asia, russia, they all turned up today. analysts say investors today aren't on red alert. it's not such a dire situation. i think when putin spoke and
issue of our time, attention deficit disorder,
a lot of money, in part, due to the sequester, and it's led to lowering and lowering the deficit. if you put that in the context of what the budget proposal suggests, it's only a modest increase in spend, talking about 56 billion, like you mentioned, split between defense, nondefense, and it's paid for. we established that the budget agreed to by patty murray and paul ryan, those spending levels stay in place, and you'll use a few other tax hike is to par for $56 billion to relieve s sequestrati sequestration. we have a piece coming up that shows nih will be funded at 30.2 billion. that, in real term money, equivalent to the level that george w. bush funded nih in 2002. we're not making people whole. we're lagging pretty badly. but as if you were to look at what republicans are saying, this is the most reckless spending possible. >> sam, on that note, the president say, our budge it is about choices, about values and this is expected to go nowhere, it's a moral document in the most sort of clear fashion from the white house. at the same time, you know, the president puts this out there a
budget deficits, and the economy tanked. the problem with barack obama is not that he changed bush's policies but rather that he did not change them. he took the worst of them and doubled down. he's added $6. trillion to the national debt. meaning that i had -- meaning that today's young people will have to pay back $56,000 plus interest per household to their future taxes for nothing more than to pay for this administration's overspending. he seized 1/6 of the american economy that provides our health care and well on the way to wrecking it for millions of american families, costing them their health plans, their doctors, their savings, and their security. his increased annual taxes by -- he's increased taxes, averaging about $4,00 for every household in america. he made a lot of promises that turned out not to be true. he promised that massive government spending would produce prosperity. instead average personal incomes declined $2,00 during his presidency and food stamp dependency's at an all-time high. nearly one in six americans is now living in poverty, including 22% of all
lucky. numbers, 7 inches in san jose to 16.75 inches in santa rosa. deficit now. the rain today will hopefully keep that ddeficit from buildin not decrease it at all. l low to mid-50s. marrying everybody else except alameda. 57 degrees the warm spot right now. temperatures tomorrow that will be slightly cooler than today. this because of the cold front pushing through and a little wind shift. around 6 0 at the coast. 70, high clouds and sunshine around the bay and inland friday and saturday and low to mid-60s at the coast. more rain is on wait for the back half. weekend. that's coming up in your accuweather seven-day forecast. here's kristen and eric with more news. >>> and the bush dynasty. the win for one of the youngest members of america's best known political family. >>> first, more than 100,000 pieces of mail go up in flames right here in california. this morning, the advice the post office is giving to people who may have lost their letters and packages. >>> and caught on camera. an art thief tries to get eway wi away with a pricey painting but wasn't thinking about a qui
rain of it, it will keep the deficits from growing but won't shrink them at all. day planner, good morning. mainly cloudy. scattered sprinkle, temperatures in the low to mid-50s. by noon a gray day. may be rain following. i don't think much will reach the ground until noon. noon to 4:00, the north bay will see the steadier rain develop. throw mid-60s. during the evening commute, the rest of us get rain. very mild. mid-50s to low 60s. rain will fall heaviest during the evening, early overnight hours. not heavy rain, but the steadiest rain is what i should say. drizzle tomorrow morning. by the afternoon hour, mostly cloudy. low to upper 60s. friday and saturday, high clouds, sunshine, low to mid-60s at the coast. the rest of us flirt with 70 degrees. kristen, eric. >> thank you. >>> next, president obama is heading to connecticut. why he's asking the rest of the united states to follow that example. >>> and the climate issue putting avocados as risk. >>> and new at 6:00, thousands of people go up in flames right here in california, where the post office is telling customers this morn
. the white house has made the case that the president's/two deficit has been mitigated. 's slash toidents deficit has been mitigated. on the front page of "the washington post," the republican response. the budget from the republicans will focus on welfare reform. a 204yan will publish page critique, questioning the efficacy of dozens of initiatives and underscoring where republicans say consolidation or spending reductions are needed. democrats line. caller: my name is patrick. i want to talk about the guy that just called talking about the revolt that he wants people to revolt in america. this guy is sitting on his high somewhere,e suburbs eating snickers bars. we are not going to go there. ukraine is a part of russia. it has been a part of russia for the last couple hundred years. we all know that. america, the european union, they have no business in the affairs of russia and ukraine. america needs to clean up its own house before you can go overseas. those folks are fighting for independence. host: that as a last call. we continue on with our discretion about ukraine. josh rogin will
in new tax. he cuts the military greatly in my opinion not for deficit reduction but for more domestic spending. it just shows the priorities have moved farther to the left and the point i'm trying to make here we have three years left of this administration and we have divided government. normally in a situation like that you would try to fine common ground, work forward common ground. he's moving away from that and tacked hard to the left. yes you could say that's because we're in an election year and that may be why. it's happening nevertheless. i don't know the reasons but he's moving to the left and it makes it hard to bridge to the gap. >> democrats will say they have tried to extend a hand and have not been reciprocated. >> we have a budget agreement. i want to see us build on that success. >> give me a preview of what the paul ryan budget will look like. in years past a lot of the saving have come from overhauling medicare and medicaid. are those proposals include in the paul ryan 2015 budget. >> those programs are going bankrupt and need to be restored, need to be solvent beli
of the deficit. if there are things we can do in the administration, the old politics over policy, i think certainly in energy, certainly in several other key areas if we had a better view on policy versus politics, i think we'd see some more robustness. you look at the jobs that are created out of energy and the fracking business, you know, the average employee in theรง marcellus, $95,000 a year. 1.3 million jobs, $63 billion in additional tacks. energy independence is at the heart of getting this gdp up and running. >> growth cures all evil. it's great to see you. >> thank you for the opportunity. >> really appreciate it. >>> we have some breaking news now. bertha coombs, what can you tell us? >> the white house says it's going to allow -- to extend the current customers in the transitional plan yaal plans fo two years. 1.5 million individuals and small businesses. they will be renewable through 2016. also boosting 2015 deductibles and out of pocket costs by 4% and they're extending the open enrollment period for an extra month next year to february 15th. now, the white house deflected
about it first watching the television. there is a trust deficit here. when kerry asked if he trusted putin, he said, wolf, there is some value in putin and that's why you keep hearing from u.s. officials they are going to keep watching what russia does this weekend. we know they are watching closely from the air, from the ground to see if the troop movements amount to anything where they go into the country. >> reminds me sort of the worlds of ronald reagan's in the '80s, trust but verify. >> that's right. john kerry says verify, verify, and then verify. >> the situation is tense. jim sciutto, thank you very much. more on the rising tensions in the u.s. but just ahead, former chris christie aides contain new information about the bridscand and they are sparking new outrage. in fact, they depend on a unique set of nutrients. [ male announcer ] that's why there's ocuvite to help protect your eye health. as you age, your eyes can lose vital nutrients. ocuvite helps replenish key eye nutrients. ocuvite is a vitamin made just for your eyes from the eye care experts at bausch + lomb. ocuvi
loopholes as a part of a compromise approach dealing with our media and the long-term deficit challenge is. so yes the president will talk about why it's so important for democrats to advance an agenda that is focused on expanding opportunities for all. and as he has and i have as well it is certainly worth noting in the contrast, and he will again tonight with an agenda that is focused on protecting the loopholes and prerogatives of the wealthiest and the well-connected and again from expanding or protecting the opportunity for a few. >> it sounds like a campaign. when you say opportunit see oppa few yesterday you were saying the chairman proposal has had some good potential to it. >> and they rallied around it. >> the president met earlier this weekend talked about immigration reform. >> obviously the president, like all republican leaders including those running for office themselves, is engaging in political events and he will be supportive in many ways a democrat either running for the reelection or office in this cycle. in the meantime that he is principally focused on advancing an a
to this aid. difficult steps need to be undertaken to right size gas prices and trim budget deficits, but ukraine should be given a long enough lease so that these necessary reforms don't strangle a nation today dealing with threats to its very existence. second cry me i can't. -- crimea. they have invaded and the very accord they signed guaranteeing crimea's territory. no doubt president putin was sore and no doubt he didn't like the fact that the united states voiced its strong support for the right of a sovereign ukraine to make independent decisions about its future partnerships and no doubt he is infuriated that the ukrainian people are now on their way to getting their way. but this is not a schoolyard. you don't get to push around weaker kids just because you don't like them. this is the 21st century. the reason we belong to organizations like the united nations or the reason we negotiate treaties like the budapest memorandum is because we now understand, after centuries of european war, how destabilizing this kind of behavior is. the irony for russia, of course, is that this
be running a deficit of a half trillion dollars a year. the real problem, the, i was going to say elephant, but i'm saying the big animal in the room, gorilla in the room that, that everybody's avoiding is the mandatory spending. and unless we address that, we're just going to keep digging ourselves further and further in the hole. and that is the real problem. and we're trying to, like i say, solve it on the backs of our military. can't be done. >> excuse me. what are your priorities for marking up the fiscal year 2015 defense authorization bill? >> getting it done by october 1st. that is by main, and you're going to hear, that is all i'm going to be talking about between here and october because i'm really concerned. i brought that up in the meeting with the big eight and secretary and general dempsey. it is incumbent upon us to get that done. last year we got the defense authorization bill done on the last day the senate was in session. or we would have missed it. now we have passed that bill every year for 51 years and some people think we have to do it for 52 years because we've done
that had obviously unsustainable balance of payment situations and that had current account deficits and that needed to have some kind of sell-off to rebalance and other countries where the fundamentals were fine. frankly, it seems like those fears weren't born out. i'm wondering what you think of the dynamic now give whatn what happening and in particular whether or not you think that this is going to have contagion effects elsewhere. >> this is an important question. the emerging markets are in the middle of a major capital outflow. i think some of the data shows that there's been money leaving emerging markets for over 15 weeks already now. >> 18. >> 18 weeks. and i think that we shouldn't expect this to change the matters very much. i think rebecca's question was spot on. how much has the russian action over the weekend really changed the macroeconomic situation and i think very little. i think that applies to the emerging markets as an asset class as well. >> but let me say something. it hasn't changed the macrosituation but it has changed the approach to risk. look what's going
talk about deficits and debt. we could talk about data. but in the end, treasuries really when it gets nasty, when that tina the only -- that there is no alternative to stocks, that changes rather abruptly when stocks go down. and then tina becomes there is no alternative to being long treasuries. we want to keep cognizant of that. to the end the japanese are doing everything in their power to keep the yen weak, let's look at how all that stimulus and various ways they're trying to goose their economy have panned out. one way they've made good strides on. currently the latest reads is 3.7. now, that is the basic lowest rates since july of '07. during that interim period between '07 and now the high was 5.5. the message to this is is that the japanese may have issues for the last 25 years. but huge high unemployment certainly does not seem to be one of them but they made some inroads. base wage, recent data. this is important. base wages were only up 1/10 year over year. one of the things they're trying to do is goose inflation. if you adjust the wages for inflatio
about each other. that is what we have to get through here. thread forneedles to the trusted deficits. president obama has demonstrated an want to be a partner for peace. he is committed to trying to end the conflict and all of his claims. that? can do let's be candid. some of you doubt it. as it israelis security officials will a test, -- abbas has been against the violence. many hours spent with president abbas. i believe he clearly understands both the tremendous benefit of peace and the great costs of failure. he understands that in terms of his own people, his own grandchildren, the country he hopes to be able to lead, and in terms of the history that be leakers -- beleaguers all. he know the people what never have the self-determination without ending the conflict in a solution that delivers two states for two peoples. and so this prime minister when he looks me in the eye and said i cannot accept a deal with the palestinians that does not make the people of israel safer. we agree 100%. [applause] but i argue, there is a distinction between a unilateral withdrawal from lebanon w
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